Before the buyout offer this was cheap at 11.00, and this sudden drop is way uncalled for. After their next earnings report, this will climb over 15, and there is several companies looking at PBY now that its come down.
it's not going to climb over 15 but yes, it initially looks like it will be oversold due to people puking it this morning. this is how i would have expected the stock to trade had gores not paid the $50MM and walked.
With the $50mm in cash, book value is now $10.55. The market appears to be reacting to what Gores discovered during the past thirty days. If it is just the bad quarter as publically announced, that should pass after earnings next week. It would be nice if PBY scheduled their earnings call for today or tomorrow to hopefully dispel rumors that will surely be generated after yesterday's announcement. It also might be a good idea to use some of the cash to buy back some shares at this level.